While the housing market is rebounding, many people in Columbus are still struggling to make their mortgage payments.
If you’re underwater on your home or having trouble keeping up with your monthly mortgage payments, you could be fearful that your mortgage provider will foreclose.
Thankfully, there are several things that you can do to avoid foreclosure in Columbus. It’s important to remember that moving quickly is paramount and could save your credit rating and home.
So let’s dive in on a couple of quick tips on possibly how to avoid foreclosure in Columbus with your home.
A Key To Avoid Foreclosure in Columbus is Don’t Abandon Ship
Many people give up and walk away from their homes. Even areas of Columbus have begun to resemble ghost towns, as the economy has impacted residents significantly.
Detroit is a prime example of what can happen when people abandon their homes.
This can be stressful, but it’s essential to keep your wits about yourself. A foreclosure will substantially negatively impact your credit score and likely prevent you from purchasing a home for years to come. If you sell your home, you could leave a portion of the loan unpaid, and the lender could pursue legal action against you for the unpaid amount.
While it’s incredibly stressful, you do have options:
• Negotiate with your mortgage lender. Banks and other financial institutions are well aware that citizens of Columbus are struggling. If you haven’t missed a payment yet, you may have some leverage to renegotiate the terms of your loan. Banks don’t like foreclosing on homes, and many will work with you if you aren’t too far behind. You may be offered forbearance or even a full loan modification.
• Ask for help from Uncle Sam. Over the last five years, the federal government has implemented many programs to help struggling homeowners. The Home Affordable Modification Program (HAMP) allows struggling homeowners to modify their loans, reducing monthly payments. The Home Affordable Refinance Program allows homeowners who are current on their mortgage payments to refinance an adjustable-rate mortgage into a low-interest, fixed-rate loan. Both of these programs are subject to eligibility requirements.
We understand that the possibility of losing your home can be stressful. You aren’t alone. Citizens all over Columbus are going through the same troubles. Foreclosure can have a lasting effect on your financial life, and it’s important to move quickly and take advantage of any options available. You could save both your credit rating and remain in your home.
We may be able to help you avoid foreclosure… connect with us today, and let’s discuss your situation. We don’t charge any fees… we’ll evaluate your situation… and present you with your options so you can move forward and get this foreclosure behind you.